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In this article, we’ll discuss everything you need to know about ensuring AML compliance as a payment facilitator (or PayFac). Key AML Requirements for PayFacs Now that we’ve covered the basics of AML compliance and its role in the financial system, let’s dive deeper into how PayFacs can help. Let’s get started.
Payment facilitation (PayFac) Today, many software companies have a pulse on the opportunities of becoming a payment facilitator, also referred to as a PayFac® developer. If you’re considering PayFac-as-a-Service for your company, there are a few questions you’ll want to ask yourself, and we’ve outlined them for you here.
Boost user acquisition and retention Keeping your customers within your own environment to process payments gives you the opportunity to drive deeper engagement and create longer-term value for them.
An overview of the Payrix Embedded Payments solution Embedded Payments come in various forms, but customers of Payrix have specifically sought out our PayFac-as-a-Service solution for its perfect balance of customization, control, and time-to-value.
From multiple acquisitions to leadership changes, the company has continuously evolved. Launching PayFac and ISV solutions In 2019 and 2020, Stax became more than just a payment processor for merchants. We wanted to provide value to other players in the payments ecosystem, so we launched PayFac solutions in 2019.
Mergers, acquisitions, and IPOs : With the resurgence of M&A activity and an opening IPO market, software companies can explore opportunities for consolidation and value creation. We were the original author of the PayFac model on the trademark. When you hear experience, what are the different flavors of that? Plug, plug, plug.
Durrett explained that Storable is the culmination of several best-in-class acquisitions, including multiple software companies, a marketplace company, and a couple of insurance companies. Payrix also provides Storable the option to become a fully registered payfac when the time is right.
I mean, we have a PayFac customer right now, that’s transitioning their whole payments model. Payments can have a meaningful impact on these core metrics that we walked through [this episode] and helping you still drive revenue growth when your new customer acquisition has slowed down.” What other products can you sell to them?
Software companies will also have greater control of the payment experience and in turn, opportunities to create a more simplified, streamlined, on-brand, and ideal customer experience that leads to better acquisition and retention outcomes.
The choice of a tokenization method can significantly impact future mergers, acquisitions, and integrations. Most of his early career was at Worldpay where he held product and strategy-based roles across ecommerce, integrated payments and PayFac. Covering all the bases there. That is expertise I’ve ever heard it.
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